With their deep industry experience, Chaz Hatfield and Yvonne von Berg have an eye for market trends and opportunities which can benefit companies of all sizes and ages. In this second in a two-part series, the founding duo share their insights.

Q: What are the hot trends in product development that brands should consider for 2021?
A: Consumers are more mindful about ingredients when shopping for personal care products.  Information about ingredients and their safety are vital to consumers.

There are many great resources out there for consumers to educate themselves. However, we recommend looking to professional cosmetic scientists for accurate information, in particular we follow Kelly Dobos (Twitter, LinkedIn) and other professional cosmetic chemists.

In addition, 2021 should see a healthy rise in products related to sun care. This includes SPF formulations and well as self-tanning products. 

Q: How would you help a new brand decide between targeting mass-market consumers or to go for the premium space? What would tip the scales one way or another?
A: Determining your market is dependent on several factors. We always challenge our clients to examine themselves as well as the sector.

Are you serving a white space? If not, are you different than the currently available products? One of the biggest mistakes small brands make is assuming they can compete solely on pricing.

Aggressive pricing alone usually isn’t enough to pull most customers away from brands they are loyal to and know. New brands need to go above and beyond.

They need an extreme focus on customers — find out what they like, ask them why they purchased your product, call them, understand them, provide solutions, etc.

If you can take care of customers better than anyone else and meet their needs better than anyone else, you don’t have to compete on price. And, if you don’t take care of your customers, someone else will.

Q: Inclusive beauty has been a big topic lately. How do you advise brands to make their product offerings more inclusive?
A: Inclusivity starts with the product. While it is important to be inclusive, we can’t assume that all products fit everyone. This is especially difficult, but important, in color cosmetics.

So rather than have a product or a product line that caters to everyone, it’s more realistic to have a range of products that, taken together, are inclusive. For example, a company focused on hair care could, as part of the product line-up, have items specifically for natural hair.

Q: For a new brand just getting started, what are the first things you would advise them to do?
A: The brand story and its intention must be crystal clear. If you don’t know who and what you stand for, how can someone else? This clarity helps you tell others what you do and why you do it, which helps attract people who identify with what you’re doing.

Once you have those customers, get to know them, listen to them and respond.

This kind of connection can be incredibly valuable in product development because you’re making a product you already know consumers want. Again, taking care of customers is critically important.